Next Generation Firewall Market Estimated To Reach US$3.66 Billion By 2023
Market Overview:
Next Generation Firewalls offer advanced security features such as intrusion prevention, traffic inspection, and application-level protection. These firewalls provide organizations with enhanced network visibility and control, protecting them from sophisticated cyber threats. The growing need for robust cybersecurity solutions to combat rapidly evolving threats is driving the demand for Next Generation Firewalls.
Market Key Trends:
Next Generation Firewall market is witnessing a surge in demand due to the increasing adoption of cloud computing and the widespread use of smartphones and mobile devices. There is a rising need for secure and reliable solutions to protect sensitive data stored in the cloud and accessed through mobile devices. Next Generation Firewalls offer advanced threat intelligence, real-time monitoring, and cloud integration, making them ideal for modern IT environments.
Furthermore, the market is experiencing a shift towards software-defined networking (SDN) and network function virtualization (NFV) solutions. SDN enables centralized control and management of network resources, while NFV allows the virtualization of network functions. Next Generation Firewalls integrated with SDN and NFV facilitate network automation, scalability, and flexibility, reducing operational costs and increasing efficiency.
The global Next Generation Firewall Market Demand is estimated to be valued at US$ 3.66 billion in 2023 and is expected to exhibit a CAGR of 12.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The next generation firewall market can be segmented based on type, deployment, organization size, and vertical. Based on type, the market can be further divided into hardware, virtual, and cloud-based. Among these, the hardware segment dominates the market due to the wide deployment of physical firewalls in various organizations. Hardware firewalls offer high performance, scalability, and better control over network traffic, making them the preferred choice for many enterprises.
In terms of deployment, the market can be categorized into on-premise and cloud-based. The cloud-based segment is witnessing significant growth due to the increasing adoption of cloud technologies among organizations. Cloud-based next generation firewalls provide enhanced flexibility, scalability, and ease of management, driving their demand.
By organization size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises hold a major share in the market as they have higher IT budgets and are more focused on securing their network infrastructure. However, the SME segment is expected to witness substantial growth during the forecast period, driven by the increasing awareness about the importance of network security among small businesses.
Key Takeaways:
- The global next generation firewall market is expected to witness high growth, exhibiting a CAGR of 12.5% over the forecast period. This growth can be attributed to the increasing need for advanced network security solutions and the rising adoption of cloud-based technologies.
- Regionally, North America is the fastest-growing and dominating region in the next generation firewall market. This can be attributed to the presence of major players, technological advancements, and the high adoption of advanced security solutions in the region.
- Key players operating in the next generation firewall market include Cisco Systems, Juniper Networks, Fortinet, Palo Alto Networks, Barracuda Networks, and Forcepoint. These players focus on product launches, partnerships, and collaborations to enhance their market presence and gain a competitive edge.
- Other significant players in the market include Zscaler, Watchguard Technologies, Sophos, Check Point Software Technologies, Hillstone Networks, Huawei Technologies, Untangle, Stormshield, SonicWall, NetGate, Smoothwall, Sangfor Technologies, Microsoft, and VMware. These players contribute to the market growth through their innovative product offerings and strategic initiatives.
Comments
0 comment